I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
3,377 Blog Posts

NASDAQ futures spring forward into the week, here is the Monday trading plan

NASDAQ futures are coming into the week gap up, trading at record highs after an overnight session featuring extreme range on extreme volume.  Price slowly campaigned higher overnight before finding sellers around 7150.

Busy day down at the US Treasury today.  There are 3- and 6-month T-bill auctions at 11:30am, 3- and 10-year Note auctions at 1pm.  Then there is a monthly budget statement at 2pm.

Last week markets worked higher.  The week began with a slight gap down and we spent all week working higher.  The last week performance of each major index is shown below:

On Friday the NASDAQ printed a trend up.  The day began with a gap up.  After a brief 2-way auction price began working higher and was trend up all session.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 7123.  From here we continue lower, down through overnight low 7122.25.  Look for buyers down at 7100 and two way trade to ensue.

Hypo 2 buyers gap and go higher, up through overnight high 7177 before two way trade ensues.

Hypo 3 stronger buyers continue to campaign the market higher, look for sellers up at the measured move target of 7241.75.


Volume profiles, gaps, and measured moves:

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